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Business Expansion Scheme

Volume 171: debated on Tuesday 1 May 1990

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To ask the Chancellor of the Exchequer what is the average time taken by the district valuers of the Board of Inland Revenue to agree asset valuation for business expansion scheme purposes, following the receipt of a full valuation report from the company concerned.

District valuers are normally expected to report agreed values within 13 weeks of receiving instructions from the inspector of taxes, unless there are particular difficulties.

To ask the Chancellor of the Exchequer what are the reasons for the delay of the district valuation inspector of the small business in agreeing the valuation and definition of the case of the Swan Valley Railway (Holdings) plc for business expansion scheme purposes following agreement from Her Majesty's inspector of taxes (Kidderminster) in January 1989 that all assets except bridges would be regarded as plant and machinery.

I assume that my hon. Friend intends to refer to the Severn Valley Railway (Holdings) plc. The valuation of this case is taking longer than usual because the nature of the property makes the process particularly complex.